Famous Fortune Fights!
by Andy & Danielle Mayoras

Andrew Mayoras

There's nothing like a hit song to keep heirs dancing down the road to the bank -- even when that song wasn't written, composed, or sung by the celebrity singer who died.

The heirs of Marvin Gaye hit it big with a judgment against Robin Thicke and Pharrell Williams for copyright infringement based on their chart-topping song Blurred Lines ... but will the victory stand up on appeal? And what exactly does this mean for the Marvin Gaye Estate?

This is installment #13 of our Estate Planning Lessons From The Stars series, which is based on the Celebrity Legacies TV show for which we provide commentary as the estate legal experts. See other articles in the series here.

MarketWatch.com recently featured an interesting article about the benefits that families gain by having the estate planning conversation early. Not only does it improve family relationships, it helps sets the stage and prepares family members for facing the difficult issues caused by a loved one who ages or passes away.

The article noted how a UBS Wealth Management study recently found that only 43% of affluent Americans felt that having this conversation with their heirs was a pressing issue. That’s surprising because experts predict that between now and the year 2050, the largest wealth transfer in U.S. history will occur: a whopping 30 trillion dollars.

The problem is that having this conversation is seldom easy. Who wants to sit around talking about legal and financial planning for when someone dies or becomes incapacitated? Most family members are too busy with the stress of their daily work and personal routines to worry about talking to loved ones about death and dying.

While the MarketWatch article includes a couple suggestions, there is one more that we are huge proponents of: using celebrity stories. Instead of awkwardly beginning the conversation by asking your loved ones to consider what will happen when you pass away, why not bring up Robin Williams, Joan Rivers, Princess Diana, or even Elvis? These are all celebrities we have recently written about here at Trial & Heirs.

Who opened the door to battles over the Jim Morrison Estate? Who won ... and what did they win when the dust settled? And does drinking your loved one's blood constitute a valid marriage ceremony?

This is installment #2 of our weekly Estate Planning Lessons From The Stars series, which is based on the Celebrity Legacies TV show for which we provide commentary as the estate legal experts. See other articles in the series here.

Legendary Doors singer Jim Morrison died young at just 27 years of age, in 1971, from a heroin overdose. While his estate had limited cash when Morrison died, the assets in his estate became worth around $80 million.

We all know about the estates of Michael Jackson and Anna Nicole Smith, right? But what about Elizabeth Taylor, John Lennon, Marilyn Monroe, Heath Ledger, Elvis Presley, and John F. Kennedy, Jr.? Last week, the Reelz Channel premiered a new television series called Celebrity Legacies.

The documentary series explores a different celebrity each week, discussing their legacies, estates, and what they left behind: Feuding heirs? Mounting debt? Or a golden legacy glittered with fame and fortune?

The premiere episode delved into James Gandolfini. The late Soprano’s star died shockingly in 2013, leaving behind two young children — from two different marriages — and an estate plan that was, well, not exactly perfect.

It's the beginning of the year, which means that we all have well-intended New Year's resolutions. The diet, the exercise regimen, saving money...and finally doing our estate and financial planning. The celebrity stories in Trial & Heirs: Famous Fortune Fights! can help motivate you to actually do your planning in 2014. Really!

2. Store your asset list and your estate planning documents in a fireproof box, safe, or safety deposit box. Remember to make sure that your loved ones can find and access these documents! We have an Estate Planning Organizer to help you with this. Just email us at contact@trialandheirs.com if you want to learn more.

3. Review and update your estate planning documents and your financial plan with your professionals in 2014, especially if you haven't done so in the last few years or if you've experienced any life events, such as the birth of a child or a divorce.

4. If you have a revocable living trust, work with your estate planning team to ensure that your investments, insurance, and other assets are properly titled into your trust. If this isn't done, then the trust doesn't do you much good!

5. Have the conversation with your lovedones about their estate planning. Remind them how important it is to have power of attorneys, a will, and for most people, a trust. The celebrity stories in Trial & Heirs are a great way to get this conversation started!

Feel free to share these New Years resolutions with your family members, loved ones, clients and prospects to help motivate them to get their estate planning in order!

Access Hollywood featured a segment about the Britney Spears Conservatorship. The show examined how the successful entertainer can headline a new multi-million dollar Las Vegas show and mentor young singers as an X Factor Judge, yet not be deemed competent enough to manage her basic life decisions like food, clothing and shelter.

Danielle and Andy Mayoras of Trial & Heirs served as experts for the segment. After watching the segment, what do you think? Does Britney Spears still need the protection of a conservator — almost six years after the legal proceeding started — or is this all about the money? Watch Access Hollywood‘s segment on the Britney Spears Conservatorship:

Do you know a family who is arguing over an estate after a loved one
has passed away? Whether it's someone facing a possible probate court
battle, wondering about contesting a will, or confused over how a family
trust is being handled, finding an early solution before fighting
erupts is critical.

Through the years, Danielle and Andy Mayoras
have worked with too many families embroiled in estate and probate
conflicts to count. As a result, they've started a new project based on
their commitment to help families find resolutions outside of probate
court and without spending money on attorneys.

Danielle and Andy are authors of Trial & Heirs: Famous Fortune Fights!,
which uses true stories of celebrity estate errors to teach people how
to protect their heirs. As Forbes contributors, Danielle and Andy
regularly analyze celebrity stories to provide lessons for families
across the country.

The husband-and-wife duo now wants to combine
their legal expertise to help select families even more. Danielle is an
estate planning and elder law attorney who has counseled families for
years to avoid probate and estate conflict. Andy is a probate
litigation attorney, who regularly represents families already in
conflict over will dispute cases, estate disputes, trusts, and other
probate disputes, through litigation, mediation, and arbitration.

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Legal Disclaimer

Legal Disclaimer

Nothing in this blog should be relied on as legal advice. The information contained herein does not create an attorney/client relationship. The articles posted are intended for entertainment and general information purposes only. Laws vary state by state. Anyone seeking legal advice for a specific situation should consult a qualified probate lawyer or similar qualified professional in the appropriate state.